These are the Altcoin gainers for the first week of July 2024.

Talks of an altcoin era have been put on hold after the total crypto market cap fell just below $2 trillion. The decline was caused by a widespread price collapse in which many altcoins reached extremely low values ​​not seen in weeks, months and others – years.

Despite a deep correction, a few cryptocurrencies posted gains in the first week of July. The main ones are five.

MultiversX (EGLD) bulls show resistance

MultiversX (EGLD), the home of the new Internet economy, has gained 1.5% over the past seven days. However, the last 24 hours were better as the price increased by 7.15% when it traded at $31.42.

At the beginning of the week, the price of EGLD increased to $32.18. But on July 3, the price fell to $29.43. Finally, the bulls could not defend the support, falling to $27.87.

However, the 4-hour showed that the bulls have installed support around $27 to prevent further declines. As a result, a large candle appears on the chart, which increases the price of the token.

Furthermore, the price of the token is above the 20 EMA (blue) and 50 EMA (yellow). EMA stands for Exponential Moving Average and measures price changes over a period of time.

Read more: What is Altcoin Season? General guidance

If the price is below the short-term EMAs, the trend is weak. However, since it is above indicators, it means that EGLD can continue to jump.

Also, if this happens, the token will revisit the weekly high of $32.18. However, if the market correction worsens, a loss of value may occur.

MANTRA (OM) winner after tokenization

Second on the list of altcoin earners is MANTRA (OM). MANTRA is a layer-1 blockchain focused on the security of real-world assets (RWAs).

This week, OM's price is up 11%, trading at $0.78 at press time. Initially, after the project completed a $500 million token deal, the token price jumped to $0.89.

After that, the value dropped to $0.74 before the recent revival. According to the OM/USD daily chart, the Moving Average Consolidation Divergence (MACD) is positive.

As a key technical indicator, the MACD helps traders identify trend changes by comparing the difference between the 26-day EMA (orange) and the 12-day EMA (blue). If the reading is positive, it indicates that momentum is high and prices are likely to rise.

The opposite happens when the MACD is negative. Since the reading is in the green zone, it indicates that the OM efficiency is good. Looking at the Fibonacci retracement indicator gives an idea of ​​possible price targets.

From the chart above, OM can go up to $0.84, which is the position of the 0.618 Fib level. This will happen if the buying pressure increases. However, if things change, OM may retrace, possibly bringing the price back to $0.72.

LayerZero (ZRO) is on top of the Altcoin Gainers chart.

LayerZero (ZRO) surprisingly entered the top altcoin earners in its first week. This is largely due to the controversy that has rocked token launches and airdrop distribution.

But none of the top 3 altcoin earnings come close to ZRO. The token is trading at $3.32 this week, representing an increase of 29.30%.

According to the 4-hour chart, ZRO was oversold on July 5. During this period, the Relative Strength Index (RSI), which measures momentum, was below 30.00. Chaikin Cash Flow (CMF), which tracks inventory and distribution, confirms current sales pressure.

However, at the time of this writing, traders appear to be hoarding the token as indicated by the CMF reading. RSI is on the verge of jumping above the 50.00 neutral point.

Read more: Which are the best Altcoins to invest in July 2024?

If this happens, combined with the CMF moving into positive territory, the price of ZRO could reach $3.45 in the short term. However, not being able to reach the above mentioned zones can make the prognosis worse. If this happens, ZRO could slide to $3.07.